The Dow struggled for direction most of the day
The Nasdaq and S&P 500 eked out modest gains in today's trading, as investors unpacked the latest reading of the consumer price index (CPI), which largely matched expectations with a 7% year-over-year jump. This marked the largest rise in almost 40 years for CPI. The Dow struggled to find direction for most of the session, but eventually settled in the black as well.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 36,290.32) added 38.3 points, or 0.1% for the day. Salesforce.com (CRM) led the gainers today, adding 1.3%, and Goldman Sachs (GS) paced the laggards with a 3.2% fall.
The S&P 500 Index (SPX - 4,726.35) climbed 13.3 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,188.39) moved 34.9 points higher, or 0.2%, for today's session.
Lastly, the CBOE Volatility Index (VIX - 17.62) shed 0.8 point, or 4.3% for the day.
- Georgia Senator Jon Osoff is drafting legislation to introduce to Congress that would limit the amount of personal trading lawmakers can do on Wall Street. The push comes after controversy rose against several members who traded during the first few waves of Covid-19. (CNBC)
- Robinhood Markets (HOOD) is planning to move employees to permanently work from home, as the economic climate continues to shift alongside Covid-19 fears. (Reuters)
- Could earnings help BlackRock stock bounce back?
- Recall concerns sent medical equipment name dragging.
- Crocs stock enjoyed a jump on an analyst bull note.
There were no earnings of note today.
Gold Lands 4 Straight on Heels of CPI Data
Oil prices locked in a nearly two-month high, after the Energy Information Administration (EIA) posted a weekly decline of 4.6 million barrels. February-dated oil added $1.42, or almost 1.8%, to finish at $82.64.
Gold marked a fourth-straight win this afternoon, buzzing on the heels of the latest CPI data. February-dated gold added $8.80, or 0.5%, to close at $1,827.30 per ounce -- its highest settlement of 2022 so far.